Targeting Realtors

[VolAgent]

So..... basically like insurance agents.

Not exactly.

I have yet to see the "hobbyists" in insurance. I'm not saying they don't exist, just I haven't seen them. Instead, insurance is pretty much full of the later, can't or won't find a "job". Also, a lot of people in insurance do have a "job", they are working for a P&C agency as a producer/CSR and are surviving.

 

[KaseyNM]

I got in with a group of realtors... not a great market IMO.
One; when their phone rings, they jump and reschedule your meeting, because their business demands it.
Two: a ton of them are broke / hobbiests / just starting, blah blah
Three: surprisingly, they suck at referrals. (My experience)
Four: they only want to invest in real estate. EVER.

But - I've been selling some term policies, LTC, and presenting DI quite a bit.

Moving forward, I'm changing to only calling on realtors who have a team under them, they produce consistently, and think like business owners. Plus, it's an instant introduction to their team members, and I'll always take an easy meeting, especially if I can go to one office, and see all of them in an afternoon.

 

[DavidHill76]

Not exactly.

I have yet to see the "hobbyists" in insurance. I'm not saying they don't exist, just I haven't seen them. Instead, insurance is pretty much full of the later, can't or won't find a "job". Also, a lot of people in insurance do have a "job", they are working for a P&C agency as a producer/CSR and are surviving.

I dont know any hobbyists but we have a guy at our firm who was former Navy, so he gets his pension from that and is consistently one of the top (shady) producers for AIL. That sounds like a nice gig. I mean if I had a bad week, I could atleast wait for my pension, but Im struggling with $43 that I had in my account which is gone to gas and coffee so I could run my appointments today.

 

[kstein]

Maybe health insurance since they are independent contractors and might not have an employer option?

 

[agentinsure]

Ive built a book on realtors and Ive worked as a mtg broker with realtors and in a top producing real estate office. IMHO, its a lot of work for just a few deals, and yeah, only 5-10% are really making it, as in selling 6 or more homes a year. Thats a lot of work for just a referral or two. But the real top producers, and those usually are the ones who have a team, or are exclusive with a couple of top builders in their area have their relationships already in tact and will use you to simply keep the other guy honest in price. Now what does the other guy do besides sell insurance or mortgage? Leads. Realtors like working with someone who reciprocates with home sellers/buyers, and that relationship is tight. A realtor gladly pays a couple hundred more a year for their insurance if the agent is referring leads over to them each year, and that relationship is only going to change when someone dies, moves or retires. But if you can bring some referrals to the table you might work a few deals, but if you can do that maybe your wife should get her license and make some real money. BTW, when I speak of leads for a realtor, im not speaking of lame ass name and phone someone who might be interested, those are a dime a dozen for almost any agent, realtors like Referrals, as in so and so wants to buy/sell their home and I gave them your number and they will be calling you this week type lead. You can work the new agents, and maybe you get lucky and in the years to come a few of them will become producers, though most wont and you will have spent a lot of time living on a prayer.

I mentioned referrals, the other hook is $$$. But instead of splitting commissions and risk skirting regulations, I know many a mortgage brokers who paid for a lot of advertising for realtors. Realtors love getting their picture and name out there, and if its free that's even better.

Years ago I did try to work a deal with a couple of mtg guys to sell mtg protection insurance to their clients as an LLC and let them take 1/2 the commission. Once they ran the numbers, they scoffed at me and I couldn't understand until I learned that what I had to offer from life insurance commissions was but a pittance to what they were earning, and not even worth their time. Now if you got any real life experience contrary to mine, then I'm all ears.